American Cities with the most millionaires....

[iheartthed]

Oh, c'mon, I'm sure there are more than a few. 90,000 in the MSA... I'd bet there are at least a few hundred in the City [[still kinda sad...but not exactly needle in the haystack). I mean if we're looking at net worth... a 400-500k house in Indian village or other enclave + a 250-300K vacation home + 401k + whatever else in assets, one can get over that million dollar mark pretty quick. Not exactly liquid, but still...

Yeah, I'm sure there are at least several hundred. The Detroit Golf Club Estates alone is probably good for a couple dozen millionaire families.

[poobert]

Yeah, I'm sure there are at least several hundred. The Detroit Golf Club Estates alone is probably good for a couple dozen millionaire families.

This is starting to get interesting. I suppose there isn't really any way to find out exactly how many millionares in Detroit, is there? There also doesn't appear to be any consensus as to whether there are 2 or 20 or 200.

Rather than photos of blight or documentaries about whatever[[I mean who cares anymore), it would be interesting to do a photo series or some interviews of millionares IN Detroit. Though I imagine they'd probably wish to be left alone. The rest of the world seems to think we're all just huddled together in dumpsters, wallowing in our own waste, so it would be nice to show the bits of wealth that are still here [[and the houses, dear God the houses).

Hell, I live in a decidedly middle class neighborhood and I wish that side of Detroit could be shown to the outside world more often. We don't all sell raccoon meat to survive.

[iheartthed]

This is starting to get interesting. I suppose there isn't really any way to find out exactly how many millionares in Detroit, is there? There also doesn't appear to be any consensus as to whether there are 2 or 20 or 200.

lol I know for certain that there are more than 2 millionaires in Detroit... But yeah, I'd be interested in seeing an actual number. I do think it's interesting that because the mainstream image of Detroit is so grim that people have trouble imagining millionaires living in Detroit. From the link posted by the o/p:

It is a surprise that Detroit has a single millionaire, let alone over 90,000.

Why would it be hard to imagine 90,000 millionaires in a region with 4.5 million residents? Or 10 millionaires in a city with 700,000 residents?

[bailey]

lol I know for certain that there are more than 2 millionaires in Detroit... But yeah, I'd be interested in seeing an actual number. I do think it's interesting that because the mainstream image of Detroit is so grim that people have trouble imagining millionaires living in Detroit. From the link posted by the o/p:



Why would it be hard to imagine 90,000 millionaires in a region with 4.5 million residents? Or 10 millionaires in a city with 700,000 residents?[/FONT][/COLOR]

well, because Detroit leads the way in just about every negative quality of life stat out there. Its not clear that the article uses the whole MSA..although clearly they are. For someone not here or from here, one would be shocked that a place like Indian Village exists within the city where an upper middle/upper class would choose to live.

[iheartthed]

well, because Detroit leads the way in just about every negative quality of life stat out there. Its not clear that the article uses the whole MSA..although clearly they are. For someone not here or from here, one would be shocked that a place like Indian Village exists within the city where an upper middle/upper class would choose to live.

I'm pretty sure the author was well aware that he was speaking of the entire MSA...

[bailey]

I'm pretty sure the author was well aware that he was speaking of the entire MSA...

I don't know. you sure about that? From the way it was written and the comments responding to it, it sure doesn't seem like they are at all sure about where the 90k lived. Sloppy journalism..especially when conflating Detroit and the Metro area to either fit a meme or rebut a presumption... is not the exception but the rule.

[313WX]

If we'rs strictly discussing net worth, I can see millionaires in the city.

In terms of actual liquid assets or income, no way.

[iheartthed]

I don't know. you sure about that? From the way it was written and the comments responding to it, it sure doesn't seem like they are at all sure about where the 90k lived. Sloppy journalism..especially when conflating Detroit and the Metro area to either fit a meme or rebut a presumption... is not the exception but the rule.

I'm pretty sure. I don't live in Metro Detroit, so whenever someone mentions Detroit they aren't making much of a distinction between city and suburbs. It generally isn't thought of as a place that has much affluence.

[rex]

If i was still living in town and had millions of dollars I would dress like a bum and drive a pinto
Probably some millionaires in Milford and living on the lakes in out towards Commerce.

[CASSTECH1981]

http://projects.nytimes.com/census/2010/explorer

[CASSTECH1981]

View more maps >>>> financial data

[Cincinnati_Kid]

^^ Just wondering how New York City equates in this conversation?

[Jason]

The map is centered on New York City by default but you can go to anywhere in the country.

[iheartthed]

View more maps >>>> financial data

If you use households earning over $200K/year as a proxy for millionaires -- imperfect as it might be -- then Palmer Woods/Sherwood Forest is in league with the more affluent areas around Grosse Pointe Park or Grosse Pointe Farms.

[MikeM]

From the blog:

Each year, Capgemini publishes the U.S. Metro Wealth Index, which ranks the number of high-net-worth individuals living within the ten largest metropolitan statistical areas.

According to the report, high-net-worth Individuals “are defined as those having investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.”

[Hermod]

From the blog:

In other words, it doesn't include the mansion, the yacht, the plane, or the fleet of Mercedes

[Lowell]

$50K a year for 20 years is $1million. Most people in the USA will go through at least million or two in their lifetime. Millionaire doesn't mean a lot anymore.

Wealthy today starts around $10 million net worth.

[Bernie Gabe]

Why is regional cooperation so key to all of this money? Seems to me the people mover was built with the prospect of billions in mass transit funds. What is wrong with "jurisdictions"? Why not put pressure on the city to stop nonsensical pandering and corruption? Why not let Detroit go bankrupt, hope for better things, and rise from the ashes? [[not in a romney or obama way)

[iheartthed]

$50K a year for 20 years is $1million. Most people in the USA will go through at least million or two in their lifetime. Millionaire doesn't mean a lot anymore.

Wealthy today starts around $10 million net worth.

Not very many people have liquid assets of +$1 million.

[Lowell]

Not very many people have liquid assets of +$1 million.

Liquid true but I was referring to net worth, liquid + fixed assets like cars, collections and real estate. There are several million whose net worth is over one million although the collapse of housing prices no doubt has knocked that number down.

My point is more about inflation than anything else. If some one had told me that most people would go through a million dollars in their lifetimes when I was 20 and making $1.25 an hour, I would have thought they were nuts.

[ndavies]

Most of us are going to have to become millionaires if we ever have any hope of retiring.

[Cincinnati_Kid]

^^ So true. Many will have to work until their 70's before they can retire.